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野生投资家
2021-07-15

Mark

Past of listing of Chinese Internet companies

1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。 1985年，国家推行“第三梯队

Past of listing of Chinese Internet companies

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":147931509,"tweetId":"147931509","gmtCreate":1626325798501,"gmtModify":1703757940068,"author":{"id":3502502252379822,"idStr":"3502502252379822","authorId":3502502252379822,"authorIdStr":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Mark</body></html>","htmlText":"<html><head></head><body>Mark</body></html>","text":"Mark","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/147931509","repostId":1111811630,"repostType":4,"repost":{"id":"1111811630","kind":"news","pubTimestamp":1626307234,"share":"https://ttm.financial/m/news/1111811630?lang=en_US&edition=fundamental","pubTime":"2021-07-15 08:00","market":"hk","language":"zh","title":"Past of listing of Chinese Internet companies","url":"https://stock-news.laohu8.com/highlight/detail?id=1111811630","media":"吴杨野餐会","summary":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队","content":"In 1983, Liu Gang graduated from Peking University Law School and was assigned to the Secretariat of the Ministry of Justice, responsible for writing daily reports for the minister.A year later, he felt that his job content was boring and wanted to apply for transfer. He was advised that secretarial status might be promoted more easily.In 1985, the state carried out the \"third echelon\" cadre reform. The Ministry of Justice selected young cadres to exercise at the grass-roots level, and Liu Gang was included. He voluntarily gave up his post in grass-roots organs and chose to be a grass-roots lawyer.At the end of the training period, colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the law practice.At that time, China's lawyer profession was just emerging, and everything was still in the ignorance period. Liu Gang's main business is debt collection.Since then, he has lived the life of a \"debt collector migrant worker\": squeezing the hard seat of the train for two days and two nights, sleeping in Datongpu, which costs one dollar a night, running to catch up with the debtors, and avoiding the debtors' thugs and beatings...The turning point came in 1989. The Ministry of Justice and the British Bar Association jointly launched a lawyer training project. After Liu Gang applied and passed the exam, he was selected to be sent to a law firm in London, England for internship training.He wanted to do intellectual property rights that were hot in China at that time. But a senior partner at a British law firm advised him, \"I suggest you know about the capital market.\" Liu Gang asked, \"What is the capital market?\"\"A country as big as China will have a capital market sooner or later.\"The partner of the British law firm said.In 1990, China ushered in its own capital market, and the Shanghai Stock Exchange and Shenzhen Stock Exchange opened successively.<img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\">▲ In the 1990s, investors lined up at the entrance of the Shanghai Stock Exchange(Photography | China News Service Pan Sophie)Two years later, China liberalized restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and founded their own law firm: Commerce Law Firm.In 2000, Liu Gang got a key opportunity in his career. At that time, Sina was hitting the Nasdaq listing. If successful, it will become the first Chinese Internet company to list in the United States.Sina's listing entity is registered in the Cayman Islands. However, Chinese laws restrict foreign investment in the Internet field: foreign investment in China's Internet is prohibited, and foreign companies are also prohibited from conducting Internet business in China.In order to bypass these investment restrictions, Liu Gang helped Sina design a complex control architecture. He connects foreign investors and Chinese companies through a series of complex legal contracts, so that overseas listed entities can control domestic operating entities through agreements without direct equity relationship.Liu Gang used a paper VIE structure to open the curtain of overseas listing of Chinese Internet companies.In April 2000, Sina successfully landed on Nasdaq in the United States. In June and July of the same year, NetEase and Sohu successively completed their listing on Nasdaq. China's three major portal websites are listed overseas, and Liu Gang is involved. This is very rare in the law profession.Since then, for more than 20 years, almost all Chinese Internet companies have adopted the VIE structure of \"Sina Model\" when listing overseas. As of May 2021, a total of 248 Chinese companies have been listed in the United States, with a total market value of US $2.1 trillion. Among them, the number of Internet-related information technology companies is the largest, accounting for more than a quarter.However, the VIE structure has also become the fulcrum of the stock market game between China and the United States in the next 20 years.In Liu Gang's statement, the VIE structure \"enables overseas investment companies to control the operations of domestic companies without direct equity relationship\".However, in the statement of the U.S. Congress, the VIE structure \"ensures that economic benefits flow to foreign investors, while the control of business operations remains with Chinese companies\".This special structure has become a typical feature of Chinese concept stocks, and it has also laid the groundwork for controversy and crisis for Chinese Internet companies to list overseas in the past 20 years.The ten-year history of overseas listing after the global financial crisis in 2008 is the key to help us understand the current situation of Chinese Internet companies. I've divided it into four phases, which are:<img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\">01Hunting Chinese companiesThe first round of overseas listings and short selling (2010-2013)On November 1, 2011, Zhou Hongyi rushed back to the company in the middle of the night and called a bunch of corresponding supervisors such as website, browser, investor relations, finance, legal affairs, and public relations.At 9 o'clock that night, Citron Research, a short-selling agency, issued its first short-selling report against Qihoo 360 before the US stock market opened. An hour later, the report was sent to Zhou Hongyi. \"We were surprised when Citron shorted 360,\" he said.On that day, Qihoo 360's stock fell by about 10%.Seven months ago, Qihoo 360 was listed on the New York Stock Exchange. Along with it, a large number of Chinese companies landed in the US stock market.After the 2008 financial crisis, the U.S. economy has recovered rapidly since 2009, and the international capital market has been active. At the same time, Chinese Internet companies are in a period of rapid expansion and urgently need funds.A large number of Internet companies went to the United States to seek listing.From 2010 to 2012, Internet companies such as AutoNavi Map, Qihoo 360, Youku, and Tudou successfully listed in the United States, starting an overseas boom of Chinese concept stocks.<img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\">▲ Changes in the number of Chinese companies listed in the United States from 1970 to 2020Data source: Zero2IPO Research CenterIn 2010, a total of about 50 Chinese concept stocks landed in the U.S. stock market, and the number of overseas listings of Chinese companies broke through the peak, which also attracted the attention of \"market vultures\" short-selling institutions.Muddy Waters fired the first bullet. In 2010, Carson Block, the founder of Muddy Waters, issued a 30-page short-selling report of Oriental Paper. Oriental Paper's stock price plummeted, and Muddy Waters became famous in the first battle.Subsequently, American short-selling institutions represented by Muddy Waters and Citron successively targeted Chinese concept stocks such as Focus Media, Qihoo 360, and New Oriental. Among them, Internet companies have become the hardest hit areas of Chinese concept stocks being hunted.Under this round of short-selling institutions, more than 40 Chinese companies had to suspend trading and delist.Chinese concept stocks collectively fell into a crisis of confidence.VIE is a key target for American institutions to short Chinese companies.\"There is a VIE structure in China's Internet industry. Americans think that if you don't have legal provisions, you will always feel confused,\" Zhou Hongyi said.On July 17, 2012, New Oriental was investigated by the US Securities and Exchange Commission (SEC) due to the adjustment of VIE structure. Muddy Waters immediately released a short-selling report of more than 90 pages, pointing out that the VIE structure of New Oriental has huge hidden dangers and lacks control.Within 48 hours, New Oriental's stock price fell by 60%, hitting a five-year low.The New Oriental incident also caused the international market to worry about the VIE structure, and Chinese concept stocks generally fell sharply. Ctrip, Sina, etc. fell by more than 7%, while Dangdang, Qihoo 360, Netease, Sohu, etc. fell by more than 4%.After the short-selling tide of Chinese concept stocks broke out, U.S. regulators made further strong attacks. In December 2012, the SEC launched an administrative lawsuit against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers, and the China branch of BDO's five major accounting firms.The SEC asked them to submit audit papers for nine Chinese concept stocks listed in the United States, but the Big Five accounting firms refused this request, unwilling to violate Chinese law.This move has caused Chinese companies listed in the United States to fall into a situation where there is no auditor, forcing Chinese companies to delist.The delisting tide of Chinese concept stocks is getting stronger and stronger. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.<img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\">▲ Chinese concept stocks listed in the United States encountered a wave of short selling from 2010 to 2012Data source: Guosheng SecuritiesConflicts occur frequently, and China and the United States have incorporated audit cross-border law enforcement into the strategic economic dialogue. In 2013, the China Securities Regulatory Commission and the Ministry of Finance signed a law enforcement cooperation agreement with the US Listed Company Accounting Supervision Board (PCAOB) to formally carry out cross-border audit law enforcement cooperation.However, the issues of data sovereignty and confidentiality are still difficult contradictions for China and the United States to coordinate.All kinds of subsequent turmoil also arose as a result.02Shadows under the feastAli's listing and the review storm of Chinese concept stocks (2014-2017)In September 2014, Jack Ma entered the UN headquarters. One of the purposes of his trip is to meet with UN Secretary-General Ban Ki-moon through the introduction of Chen Qizong, chairman of Hang Lung Group.The two of them stood at the elevator entrance. When Ban Ki-moon came up, Chen Qizong said this to Jack Ma:\"I know that Ali was forced to go public in the United States. Hong Kong does not have different rights for the same shares, so there is nothing you can do.But Jack Ma, you have to be careful. Americans stretch their hands very long. One day he will give you trouble.”A week ago, Alibaba was successfully listed on the New York Stock Exchange on September 19th. Carnival flooded all over Wall Street.That night, on the big black screen of the New York Stock Exchange, the numbers representing Alibaba's opening price kept rolling and continued to climb-70... 80... 90...\"The opening price is 92.7!\" A voice shouted.Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up his hammer and struck a golden bronze bell quickly. The crowd surrounding him immediately cheered, flashing lights one after another.After more than 2 hours and 12 rounds of inquiries, Alibaba shares finally opened at 23:53 that night. The opening price was US $92.7, a 36.32% increase from the issue price of US $68. The total amount of financing reached US $34.125 billion, setting a record for IPO financing in global history. Alibaba's total market value reached US $228.5 billion, exceeding the GDP of more than 100 countries.<img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\">▲ Jack Ma at Alibaba's US Listing Site in 2014A number of American securities firms and international capital shared this capital feast.Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, etc. are among them.When Alibaba landed on the New York Stock Exchange, SoftBank held 34.4% of the shares and was the largest shareholder; Yahoo holds 22.6% of the shares, ranking second. Based on the opening price of Alibaba's listing alone, the market value of SoftBank and Yahoo's holdings has reached 78.604 billion US dollars and 51.641 billion US dollars respectively, not counting the part they cashed out from Ali before.2014 was another peak of Chinese Internet companies going public in the United States. In addition to Ali, JD.COM, Weibo, Tuniu, Zhaopin Recruitment, etc. have also landed on the New York Stock Exchange and Nasdaq successively, and a total of 12 Internet companies have been listed in the United States throughout the year.However, just the month that Alibaba went public, the U.S. Congressional China Economic and Security Review Committee (UCESRC) issued a report calledRisks of Chinese Internet Companies on American Stock ExchangesInvestigation report of.The report uses 17 pages to point out various risks related to the listing of Chinese Internet companies, pointing out that the VIE architecture is not trustworthy. \"Many U.S. legal experts believe that the VIE structure is technically illegal under Chinese law and advise U.S. investors not to make such investments,\" UCESRC declared.On the night of Double Eleven in the same year, Jack Ma accepted a 20-minute media interview at Alibaba headquarters in Hangzhou. When talking about Alipay's listing, he made a direct statement:\"For various reasons, Alibaba has no way to list on the A-share market, so we hope that Alipay can be listed on China's A-share market in the future.\"Obviously, Jack Ma understood Chen Qizong's words. To further understand this statement, we also need to pull the timeline back to the Alipay split incident three years ago.In the first quarter of 2011, the People's Bank of China required payment enterprises applying for payment licenses to make a statement on the shareholding ratio of foreign capital. In May, Jack Ma changed the ownership of Alipay, terminating Alibaba Group's control agreement on Zhejiang Alibaba. Zhejiang Alibaba is a wholly-owned holding company of Alipay. This means that,Alipay has changed from a foreign holding company to a purely domestic company.<img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\">▲ Alipay spin-off equity changesHowever, Jack Ma has not reached an agreement with the board of directors before this round of equity changes. After what was done was done, Jack Ma gave corresponding compensation to the two major shareholders of Yahoo and SoftBank.On July 29, 2011, Alibaba Group, Yahoo and SoftBank formally signed an agreement on the Alipay equity transfer incident. Alipay Holdings promised to give Alibaba Group a one-time cash return when it went public. The return amount is 37.5% of the total market value of Alipay's IPO price at the time of listing, not less than US $2 billion and not more than US $6 billion.For this reason, Jack Ma is blamed for \"dishonesty\" and \"undermining foreign investors' confidence in Chinese concept stocks VIE\". He rarely took the initiative to accept a large-scale exclusive interview with domestic media, and came forward to explain that everything was for Alipay to obtain a payment license in compliance.\"I said, brother, if you start a small joint venture, it's okay.What you are engaged in is Alipay, finance, and you are touching sensitive areas more and more. Finance is data, and something will definitely go wrong.Yang didn't believe it, but then they did. \" Jack Ma said in an exclusive interview with Esquire.But at that time, most people thought that Jack Ma was using the government as a shield, and most of them laughed at it. Jack Ma quit Weibo angrily.Before quitting, Jack Ma sent out his last Weibo. No text, just punctuation:Question marks, exclamation marks, and a string of ellipses。Three years after the spin-off of Alipay, Ant Financial was established in 2014, entering inclusive finance from the payment field.Six years later, just before the listing of Ant Financial, Jack Ma gave that famous speech at the Bund Financial Summit at the end of October 2020. On November 3, the Shanghai Stock Exchange and the Hong Kong Stock Exchange successively issued emergency notices to suspend Ant Financial's listing on the Science and Technology Innovation Board and H shares.At this time, everyone suddenly realized.Nine years ago, Jack Ma did not overestimate the determination of the Chinese government.03Flood into the seaA-Share and H-Share New Economic Reform (2018-2019)During the two sessions in 2018, Liu Shiyu, then chairman of the China Securities Regulatory Commission, talked about the overseas listing of China's new economy companies, saying that due to the specific institutional environment and market capacity at that time, some new economy companies in China chose to list overseas, which is a good thing. But it is also a pity that the country has not enjoyed the fruits of their growth.\"Entering a new era, this regret can't happen again.\"Liu Shiyu said.\"Standing on the wind, pigs can fly.\" Lei Jun, who said this sentence, once again pushed Xiaomi to the wind of the times.He wants Xiaomi to become the first Internet company to list mainland A-shares and Hong Kong H-shares simultaneously.On May 3, 2018, Lei Jun personally flew to Hong Kong to visit Li Ka-shing, the richest man in Hong Kong, holding two Xiaomi mobile phones. On the same day, Xiaomi submitted its listing prospectus to the Hong Kong Stock Exchange. Li Ka-shing's love general Huo Jianning confirmed to the media that Li Ka-shing spent HK $230 million to subscribe for Xiaomi shares. In addition to Li Ka-shing, Jack Ma and Pony Ma, two major domestic Internet giants, also subscribed for Xiaomi shares.<img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\">▲ Lei Jun meets Li Ka-shingIn the mainland, Xiaomi even set a 12-day \"lightning\" meeting record. On June 7 of the same year, Xiaomi applied to the China Securities Regulatory Commission for the issuance of CDR (Depositary Receipt) for listing, which was accepted on the same day. On the 14th, Xiaomi updated its prospectus and received feedback from the China Securities Regulatory Commission that night, which is scheduled to be reviewed at the meeting on the 19th.At that time,China Securities Regulatory Commission and Hong Kong Stock Exchange are scrambling to promote the listing reform of the new economy.In December 2017, the Hong Kong Stock Exchange issued the Market Consultation Summary of the Framework Consultation Document on the Proposed Establishment of Innovation Board, announcing the acceptance of new economy companies with different voting rights structures to list in Hong Kong.Three months later, the General Office of the State Council forwarded the China Securities Regulatory Commission's \"Several Opinions on Carrying out the Pilot Program of Domestic Issuance of Stocks or Depositary Receipts by Innovative Enterprises\", allowing new economy enterprises listed overseas to issue CDRs (depositary receipts) in the mainland A-share market, and promoting new economy enterprises including the Internet to return to A-share listing.However, Xiaomi was suddenly stopped from listing on mainland CDR. On June 14, 2018, the China Securities Regulatory Commission issued 84 questions against Xiaomi. Five days later, Xiaomi announced that it would postpone the meeting of the issuance review committee to review the company's CDR issuance application. After listing in Hong Kong first, choose the opportunity to list in China by issuing CDRs.The Hong Kong listing has also been full of twists and turns. On July 9 of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of listing, Xiaomi shares were included in the comprehensive constituent stocks of the Hang Seng Index and will enter the Hong Kong Stock Connect under normal circumstances, allowing investors from mainland China to directly purchase Xiaomi shares.Unexpectedly, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice on July 14th, temporarily refusing to include the shares of companies with different rights, foreign companies and stapled securities in the scope of Hong Kong Stock Connect on the grounds that \"mainland investors are not familiar with them\". Xiaomi was shut out.Two days later, Li Xiaojia, CEO of Hong Kong Stock Exchange, flew from Hong Kong to Beijing urgently to meet and negotiate with the relevant person in charge of China Securities Regulatory Commission. \"We have been communicating with the mainland China Securities Regulatory Commission for weeks and months. It's best to take it all in this time and move forward according to the normal Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect procedures. But mainland exchanges may have some different opinions.\" Li Xiaojia said.This dispute is related to the future direction of Chinese Internet companies' listing. Can the door to a new era be opened?For a long time, Chinese Internet companies have only one choice to go public in the United States, because mainland A-shares and Hong Kong H-shares did not accept the structure of different rights for the same share in the past. Even if HKEx is determined to reform, poor liquidity will still become a key constraint for Internet companies to go public in Hong Kong.Only when Hong Kong Stock Connect accepts new economy companies and huge amounts of funds from mainland China can go south, can the door to the eastern world truly open to Internet companies.The storm is temporary and the direction is certain.In 2018, the Hong Kong Stock Exchange won the first place in the IPO rankings of global exchanges, and the annual IPO fundraising amount reached HK $277.85 billion, setting a new high since 2010.A total of 28 new economy companies and biotechnology companies went public in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked the second and third largest companies in Hong Kong listed fundraising with HK $42.61 billion and HK $33.14 billion respectively.In October 2019, the Shanghai Stock Exchange and the Shenzhen Stock Exchange announced that Xiaomi and Meituan were included in the Hong Kong Stock Connect.Taking advantage of this momentum, Chinese Internet companies, including Ali, Netease, JD.COM, etc., have returned from overseas one after another, rushing to go to Hong Kong for secondary listing. By 2021, the Hong Kong market has gathered eight Internet giants: Tencent, Ali, Meituan, Kuaishou, JD.com, Xiaomi, Baidu, and NetEase.<img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\">Data source: Hong Kong ExchangeAt the same stage, the listing of Chinese Internet companies in the United States ushered in the third peak. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States respectively, most of which were mainly Internet new economy companies, including iQiyi, Douyu, NetEase Youdao, etc.In October 2019, China and the United States reached a consensus on the retrieval of audit working papers of companies listed in the United States audited by Hong Kong accounting firms and deposited in mainland China. In response to a reporter's question, the China Securities Regulatory Commission said that the two sides \"maintain a smooth cooperative relationship\".Everything seemed thriving.People didn't expect that just a year later,New crises spew out like volcanic lava, accumulated for a long time。04Era of new crisisThe plight and future of Didi, Byte, and Pinduoduo (2020-today)July 1st, the 100th anniversary of the founding of the Party. In the early morning of the same day, Didi went public in the United States, raising US $4.4 billion.This is the largest IPO of a Chinese company in the United States since 2014. There are no photos of ringing the bell, no announcement on official website, few media reports, and employees do not send friends.On July 2nd, the China Cyber Security Review Office issued an announcement stating that in order to prevent national data security risks, safeguard national security and protect public interests, the \"Didi Chuxing\" will be reviewed in accordance with the National Security Law and the Cyber Security Law. During the review, \"Didi Chuxing\" stopped registering new users. Didi only appeared on Weibo's hot searches and media headlines when it went public.On July 9th, all 25 apps owned by Didi Company were removed from the shelves.Ray Dalio, founder of Bridgewater Fund, the world's largest hedge fund, once published a 20,000-word article \"Changing World Order\" on his LinkedIn homepage. He pointed out that the \"Populism Index\", which measures global conflicts, has now reached an all-time high.\"We are heading into the abyss of polarization and populism.\" Dalio warned,The polarization between the rich and the poor, political polarization and extreme nationalism we are facing today are very similar to those during World War II.<img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\">▲ The polarization between the rich and the poor leads to extreme nationalism at this stage is similar to that of World War IIData source: Bridgewater FundOn March 25, 2021, the U.S. Securities and Exchange Commission (SEC) issued an announcement to adopt the final amendment to the Holding Foreign Companies Accountable Act (HFCAA). The bill stipulates,Foreign issuers who fail to meet the U.S. Public Company Accounting Oversight Board (PCAOB) inspection requirements for accounting firms for three consecutive years will be delisted and delisted.Chinese Foreign Ministry spokesperson Hua Chunying responded at the press conference: \"HFCAA is completely unreasonable political suppression of Chinese listed companies in the United States, seriously distorting the basic principles of market economy that the United States has always advertised, and depriving American investors and the American public of the opportunity to share the development dividends of Chinese enterprises.\"According to official data from the US PCAOB, as of April 2020,Among the foreign listed companies that do not accept PCAOB's audit papers, companies in mainland China and Hong Kong account for nearly 90%.With Didi's silent listing, it successfully threw itself into the eye of the typhoon in the Sino-US stock market game storm.On July 7th, WeChat official account, a subsidiary of People's Daily, published two reports commenting on the Didi incident: \"Didi is far from the level of employment to make the government work. If Didi dies later, the driver will change the platform to take orders, and we will change the platform to take a taxi, and our life will not be affected in any way.\"On July 8, US Democratic Senator Chris Van Hollen called on the US Securities and Exchange Commission to thoroughly investigate Didi's listing.The internet is in an eventful time. Some things look together and become intriguing.Before the Didi incident, Huang Zheng stepped down as CEO of Pinduoduo in March this year; In May, Zhang Yiming stepped down as CEO of ByteDance.Previously, many people regarded this as the result of Internet antitrust. But they missed a key clue:Didi and Pinduoduo are both listed in the United States. As for ByteDance, Trump's ban on Tiktok says it all.Tencent and Meituan, Pony Ma Huateng and Wang Xing, which are listed in Hong Kong, are still in the position of CEO.Recently, all the Internet shocks around us are sending us a signal:In the Sino-US stock market game, in the past, the situation that the United States actively attacked and China passively defended will become history. The determination and actions of China's supervision have begun to emerge.Some Internet companies are still stuck in the habitual thinking of the first 20 years; Some Internet companies have sailed to new ports.They are destined to usher in very different fates.<img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\">","source":"lsy1626307243676","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Past of listing of Chinese Internet companies</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPast of listing of Chinese Internet companies\n</h2>\n<h4 class=\"meta\">\n\n吴杨野餐会2021-07-15 08:00\n\n</h4>\n</header>\n<article>\nIn 1983, Liu Gang graduated from Peking University Law School and was assigned to the Secretariat of the Ministry of Justice, responsible for writing daily reports for the minister.A year later, he felt that his job content was boring and wanted to apply for transfer. He was advised that secretarial status might be promoted more easily.In 1985, the state carried out the \"third echelon\" cadre reform. The Ministry of Justice selected young cadres to exercise at the grass-roots level, and Liu Gang was included. He voluntarily gave up his post in grass-roots organs and chose to be a grass-roots lawyer.At the end of the training period, colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the law practice.At that time, China's lawyer profession was just emerging, and everything was still in the ignorance period. Liu Gang's main business is debt collection.Since then, he has lived the life of a \"debt collector migrant worker\": squeezing the hard seat of the train for two days and two nights, sleeping in Datongpu, which costs one dollar a night, running to catch up with the debtors, and avoiding the debtors' thugs and beatings...The turning point came in 1989. The Ministry of Justice and the British Bar Association jointly launched a lawyer training project. After Liu Gang applied and passed the exam, he was selected to be sent to a law firm in London, England for internship training.He wanted to do intellectual property rights that were hot in China at that time. But a senior partner at a British law firm advised him, \"I suggest you know about the capital market.\" Liu Gang asked, \"What is the capital market?\"\"A country as big as China will have a capital market sooner or later.\"The partner of the British law firm said.In 1990, China ushered in its own capital market, and the Shanghai Stock Exchange and Shenzhen Stock Exchange opened successively.<img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\">▲ In the 1990s, investors lined up at the entrance of the Shanghai Stock Exchange(Photography | China News Service Pan Sophie)Two years later, China liberalized restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and founded their own law firm: Commerce Law Firm.In 2000, Liu Gang got a key opportunity in his career. At that time, Sina was hitting the Nasdaq listing. If successful, it will become the first Chinese Internet company to list in the United States.Sina's listing entity is registered in the Cayman Islands. However, Chinese laws restrict foreign investment in the Internet field: foreign investment in China's Internet is prohibited, and foreign companies are also prohibited from conducting Internet business in China.In order to bypass these investment restrictions, Liu Gang helped Sina design a complex control architecture. He connects foreign investors and Chinese companies through a series of complex legal contracts, so that overseas listed entities can control domestic operating entities through agreements without direct equity relationship.Liu Gang used a paper VIE structure to open the curtain of overseas listing of Chinese Internet companies.In April 2000, Sina successfully landed on Nasdaq in the United States. In June and July of the same year, NetEase and Sohu successively completed their listing on Nasdaq. China's three major portal websites are listed overseas, and Liu Gang is involved. This is very rare in the law profession.Since then, for more than 20 years, almost all Chinese Internet companies have adopted the VIE structure of \"Sina Model\" when listing overseas. As of May 2021, a total of 248 Chinese companies have been listed in the United States, with a total market value of US $2.1 trillion. Among them, the number of Internet-related information technology companies is the largest, accounting for more than a quarter.However, the VIE structure has also become the fulcrum of the stock market game between China and the United States in the next 20 years.In Liu Gang's statement, the VIE structure \"enables overseas investment companies to control the operations of domestic companies without direct equity relationship\".However, in the statement of the U.S. Congress, the VIE structure \"ensures that economic benefits flow to foreign investors, while the control of business operations remains with Chinese companies\".This special structure has become a typical feature of Chinese concept stocks, and it has also laid the groundwork for controversy and crisis for Chinese Internet companies to list overseas in the past 20 years.The ten-year history of overseas listing after the global financial crisis in 2008 is the key to help us understand the current situation of Chinese Internet companies. I've divided it into four phases, which are:<img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\">01Hunting Chinese companiesThe first round of overseas listings and short selling (2010-2013)On November 1, 2011, Zhou Hongyi rushed back to the company in the middle of the night and called a bunch of corresponding supervisors such as website, browser, investor relations, finance, legal affairs, and public relations.At 9 o'clock that night, Citron Research, a short-selling agency, issued its first short-selling report against Qihoo 360 before the US stock market opened. An hour later, the report was sent to Zhou Hongyi. \"We were surprised when Citron shorted 360,\" he said.On that day, Qihoo 360's stock fell by about 10%.Seven months ago, Qihoo 360 was listed on the New York Stock Exchange. Along with it, a large number of Chinese companies landed in the US stock market.After the 2008 financial crisis, the U.S. economy has recovered rapidly since 2009, and the international capital market has been active. At the same time, Chinese Internet companies are in a period of rapid expansion and urgently need funds.A large number of Internet companies went to the United States to seek listing.From 2010 to 2012, Internet companies such as AutoNavi Map, Qihoo 360, Youku, and Tudou successfully listed in the United States, starting an overseas boom of Chinese concept stocks.<img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\">▲ Changes in the number of Chinese companies listed in the United States from 1970 to 2020Data source: Zero2IPO Research CenterIn 2010, a total of about 50 Chinese concept stocks landed in the U.S. stock market, and the number of overseas listings of Chinese companies broke through the peak, which also attracted the attention of \"market vultures\" short-selling institutions.Muddy Waters fired the first bullet. In 2010, Carson Block, the founder of Muddy Waters, issued a 30-page short-selling report of Oriental Paper. Oriental Paper's stock price plummeted, and Muddy Waters became famous in the first battle.Subsequently, American short-selling institutions represented by Muddy Waters and Citron successively targeted Chinese concept stocks such as Focus Media, Qihoo 360, and New Oriental. Among them, Internet companies have become the hardest hit areas of Chinese concept stocks being hunted.Under this round of short-selling institutions, more than 40 Chinese companies had to suspend trading and delist.Chinese concept stocks collectively fell into a crisis of confidence.VIE is a key target for American institutions to short Chinese companies.\"There is a VIE structure in China's Internet industry. Americans think that if you don't have legal provisions, you will always feel confused,\" Zhou Hongyi said.On July 17, 2012, New Oriental was investigated by the US Securities and Exchange Commission (SEC) due to the adjustment of VIE structure. Muddy Waters immediately released a short-selling report of more than 90 pages, pointing out that the VIE structure of New Oriental has huge hidden dangers and lacks control.Within 48 hours, New Oriental's stock price fell by 60%, hitting a five-year low.The New Oriental incident also caused the international market to worry about the VIE structure, and Chinese concept stocks generally fell sharply. Ctrip, Sina, etc. fell by more than 7%, while Dangdang, Qihoo 360, Netease, Sohu, etc. fell by more than 4%.After the short-selling tide of Chinese concept stocks broke out, U.S. regulators made further strong attacks. In December 2012, the SEC launched an administrative lawsuit against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers, and the China branch of BDO's five major accounting firms.The SEC asked them to submit audit papers for nine Chinese concept stocks listed in the United States, but the Big Five accounting firms refused this request, unwilling to violate Chinese law.This move has caused Chinese companies listed in the United States to fall into a situation where there is no auditor, forcing Chinese companies to delist.The delisting tide of Chinese concept stocks is getting stronger and stronger. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.<img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\">▲ Chinese concept stocks listed in the United States encountered a wave of short selling from 2010 to 2012Data source: Guosheng SecuritiesConflicts occur frequently, and China and the United States have incorporated audit cross-border law enforcement into the strategic economic dialogue. In 2013, the China Securities Regulatory Commission and the Ministry of Finance signed a law enforcement cooperation agreement with the US Listed Company Accounting Supervision Board (PCAOB) to formally carry out cross-border audit law enforcement cooperation.However, the issues of data sovereignty and confidentiality are still difficult contradictions for China and the United States to coordinate.All kinds of subsequent turmoil also arose as a result.02Shadows under the feastAli's listing and the review storm of Chinese concept stocks (2014-2017)In September 2014, Jack Ma entered the UN headquarters. One of the purposes of his trip is to meet with UN Secretary-General Ban Ki-moon through the introduction of Chen Qizong, chairman of Hang Lung Group.The two of them stood at the elevator entrance. When Ban Ki-moon came up, Chen Qizong said this to Jack Ma:\"I know that Ali was forced to go public in the United States. Hong Kong does not have different rights for the same shares, so there is nothing you can do.But Jack Ma, you have to be careful. Americans stretch their hands very long. One day he will give you trouble.”A week ago, Alibaba was successfully listed on the New York Stock Exchange on September 19th. Carnival flooded all over Wall Street.That night, on the big black screen of the New York Stock Exchange, the numbers representing Alibaba's opening price kept rolling and continued to climb-70... 80... 90...\"The opening price is 92.7!\" A voice shouted.Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up his hammer and struck a golden bronze bell quickly. The crowd surrounding him immediately cheered, flashing lights one after another.After more than 2 hours and 12 rounds of inquiries, Alibaba shares finally opened at 23:53 that night. The opening price was US $92.7, a 36.32% increase from the issue price of US $68. The total amount of financing reached US $34.125 billion, setting a record for IPO financing in global history. Alibaba's total market value reached US $228.5 billion, exceeding the GDP of more than 100 countries.<img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\">▲ Jack Ma at Alibaba's US Listing Site in 2014A number of American securities firms and international capital shared this capital feast.Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, etc. are among them.When Alibaba landed on the New York Stock Exchange, SoftBank held 34.4% of the shares and was the largest shareholder; Yahoo holds 22.6% of the shares, ranking second. Based on the opening price of Alibaba's listing alone, the market value of SoftBank and Yahoo's holdings has reached 78.604 billion US dollars and 51.641 billion US dollars respectively, not counting the part they cashed out from Ali before.2014 was another peak of Chinese Internet companies going public in the United States. In addition to Ali, JD.COM, Weibo, Tuniu, Zhaopin Recruitment, etc. have also landed on the New York Stock Exchange and Nasdaq successively, and a total of 12 Internet companies have been listed in the United States throughout the year.However, just the month that Alibaba went public, the U.S. Congressional China Economic and Security Review Committee (UCESRC) issued a report calledRisks of Chinese Internet Companies on American Stock ExchangesInvestigation report of.The report uses 17 pages to point out various risks related to the listing of Chinese Internet companies, pointing out that the VIE architecture is not trustworthy. \"Many U.S. legal experts believe that the VIE structure is technically illegal under Chinese law and advise U.S. investors not to make such investments,\" UCESRC declared.On the night of Double Eleven in the same year, Jack Ma accepted a 20-minute media interview at Alibaba headquarters in Hangzhou. When talking about Alipay's listing, he made a direct statement:\"For various reasons, Alibaba has no way to list on the A-share market, so we hope that Alipay can be listed on China's A-share market in the future.\"Obviously, Jack Ma understood Chen Qizong's words. To further understand this statement, we also need to pull the timeline back to the Alipay split incident three years ago.In the first quarter of 2011, the People's Bank of China required payment enterprises applying for payment licenses to make a statement on the shareholding ratio of foreign capital. In May, Jack Ma changed the ownership of Alipay, terminating Alibaba Group's control agreement on Zhejiang Alibaba. Zhejiang Alibaba is a wholly-owned holding company of Alipay. This means that,Alipay has changed from a foreign holding company to a purely domestic company.<img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\">▲ Alipay spin-off equity changesHowever, Jack Ma has not reached an agreement with the board of directors before this round of equity changes. After what was done was done, Jack Ma gave corresponding compensation to the two major shareholders of Yahoo and SoftBank.On July 29, 2011, Alibaba Group, Yahoo and SoftBank formally signed an agreement on the Alipay equity transfer incident. Alipay Holdings promised to give Alibaba Group a one-time cash return when it went public. The return amount is 37.5% of the total market value of Alipay's IPO price at the time of listing, not less than US $2 billion and not more than US $6 billion.For this reason, Jack Ma is blamed for \"dishonesty\" and \"undermining foreign investors' confidence in Chinese concept stocks VIE\". He rarely took the initiative to accept a large-scale exclusive interview with domestic media, and came forward to explain that everything was for Alipay to obtain a payment license in compliance.\"I said, brother, if you start a small joint venture, it's okay.What you are engaged in is Alipay, finance, and you are touching sensitive areas more and more. Finance is data, and something will definitely go wrong.Yang didn't believe it, but then they did. \" Jack Ma said in an exclusive interview with Esquire.But at that time, most people thought that Jack Ma was using the government as a shield, and most of them laughed at it. Jack Ma quit Weibo angrily.Before quitting, Jack Ma sent out his last Weibo. No text, just punctuation:Question marks, exclamation marks, and a string of ellipses。Three years after the spin-off of Alipay, Ant Financial was established in 2014, entering inclusive finance from the payment field.Six years later, just before the listing of Ant Financial, Jack Ma gave that famous speech at the Bund Financial Summit at the end of October 2020. On November 3, the Shanghai Stock Exchange and the Hong Kong Stock Exchange successively issued emergency notices to suspend Ant Financial's listing on the Science and Technology Innovation Board and H shares.At this time, everyone suddenly realized.Nine years ago, Jack Ma did not overestimate the determination of the Chinese government.03Flood into the seaA-Share and H-Share New Economic Reform (2018-2019)During the two sessions in 2018, Liu Shiyu, then chairman of the China Securities Regulatory Commission, talked about the overseas listing of China's new economy companies, saying that due to the specific institutional environment and market capacity at that time, some new economy companies in China chose to list overseas, which is a good thing. But it is also a pity that the country has not enjoyed the fruits of their growth.\"Entering a new era, this regret can't happen again.\"Liu Shiyu said.\"Standing on the wind, pigs can fly.\" Lei Jun, who said this sentence, once again pushed Xiaomi to the wind of the times.He wants Xiaomi to become the first Internet company to list mainland A-shares and Hong Kong H-shares simultaneously.On May 3, 2018, Lei Jun personally flew to Hong Kong to visit Li Ka-shing, the richest man in Hong Kong, holding two Xiaomi mobile phones. On the same day, Xiaomi submitted its listing prospectus to the Hong Kong Stock Exchange. Li Ka-shing's love general Huo Jianning confirmed to the media that Li Ka-shing spent HK $230 million to subscribe for Xiaomi shares. In addition to Li Ka-shing, Jack Ma and Pony Ma, two major domestic Internet giants, also subscribed for Xiaomi shares.<img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\">▲ Lei Jun meets Li Ka-shingIn the mainland, Xiaomi even set a 12-day \"lightning\" meeting record. On June 7 of the same year, Xiaomi applied to the China Securities Regulatory Commission for the issuance of CDR (Depositary Receipt) for listing, which was accepted on the same day. On the 14th, Xiaomi updated its prospectus and received feedback from the China Securities Regulatory Commission that night, which is scheduled to be reviewed at the meeting on the 19th.At that time,China Securities Regulatory Commission and Hong Kong Stock Exchange are scrambling to promote the listing reform of the new economy.In December 2017, the Hong Kong Stock Exchange issued the Market Consultation Summary of the Framework Consultation Document on the Proposed Establishment of Innovation Board, announcing the acceptance of new economy companies with different voting rights structures to list in Hong Kong.Three months later, the General Office of the State Council forwarded the China Securities Regulatory Commission's \"Several Opinions on Carrying out the Pilot Program of Domestic Issuance of Stocks or Depositary Receipts by Innovative Enterprises\", allowing new economy enterprises listed overseas to issue CDRs (depositary receipts) in the mainland A-share market, and promoting new economy enterprises including the Internet to return to A-share listing.However, Xiaomi was suddenly stopped from listing on mainland CDR. On June 14, 2018, the China Securities Regulatory Commission issued 84 questions against Xiaomi. Five days later, Xiaomi announced that it would postpone the meeting of the issuance review committee to review the company's CDR issuance application. After listing in Hong Kong first, choose the opportunity to list in China by issuing CDRs.The Hong Kong listing has also been full of twists and turns. On July 9 of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of listing, Xiaomi shares were included in the comprehensive constituent stocks of the Hang Seng Index and will enter the Hong Kong Stock Connect under normal circumstances, allowing investors from mainland China to directly purchase Xiaomi shares.Unexpectedly, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice on July 14th, temporarily refusing to include the shares of companies with different rights, foreign companies and stapled securities in the scope of Hong Kong Stock Connect on the grounds that \"mainland investors are not familiar with them\". Xiaomi was shut out.Two days later, Li Xiaojia, CEO of Hong Kong Stock Exchange, flew from Hong Kong to Beijing urgently to meet and negotiate with the relevant person in charge of China Securities Regulatory Commission. \"We have been communicating with the mainland China Securities Regulatory Commission for weeks and months. It's best to take it all in this time and move forward according to the normal Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect procedures. But mainland exchanges may have some different opinions.\" Li Xiaojia said.This dispute is related to the future direction of Chinese Internet companies' listing. Can the door to a new era be opened?For a long time, Chinese Internet companies have only one choice to go public in the United States, because mainland A-shares and Hong Kong H-shares did not accept the structure of different rights for the same share in the past. Even if HKEx is determined to reform, poor liquidity will still become a key constraint for Internet companies to go public in Hong Kong.Only when Hong Kong Stock Connect accepts new economy companies and huge amounts of funds from mainland China can go south, can the door to the eastern world truly open to Internet companies.The storm is temporary and the direction is certain.In 2018, the Hong Kong Stock Exchange won the first place in the IPO rankings of global exchanges, and the annual IPO fundraising amount reached HK $277.85 billion, setting a new high since 2010.A total of 28 new economy companies and biotechnology companies went public in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked the second and third largest companies in Hong Kong listed fundraising with HK $42.61 billion and HK $33.14 billion respectively.In October 2019, the Shanghai Stock Exchange and the Shenzhen Stock Exchange announced that Xiaomi and Meituan were included in the Hong Kong Stock Connect.Taking advantage of this momentum, Chinese Internet companies, including Ali, Netease, JD.COM, etc., have returned from overseas one after another, rushing to go to Hong Kong for secondary listing. By 2021, the Hong Kong market has gathered eight Internet giants: Tencent, Ali, Meituan, Kuaishou, JD.com, Xiaomi, Baidu, and NetEase.<img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\">Data source: Hong Kong ExchangeAt the same stage, the listing of Chinese Internet companies in the United States ushered in the third peak. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States respectively, most of which were mainly Internet new economy companies, including iQiyi, Douyu, NetEase Youdao, etc.In October 2019, China and the United States reached a consensus on the retrieval of audit working papers of companies listed in the United States audited by Hong Kong accounting firms and deposited in mainland China. In response to a reporter's question, the China Securities Regulatory Commission said that the two sides \"maintain a smooth cooperative relationship\".Everything seemed thriving.People didn't expect that just a year later,New crises spew out like volcanic lava, accumulated for a long time。04Era of new crisisThe plight and future of Didi, Byte, and Pinduoduo (2020-today)July 1st, the 100th anniversary of the founding of the Party. In the early morning of the same day, Didi went public in the United States, raising US $4.4 billion.This is the largest IPO of a Chinese company in the United States since 2014. There are no photos of ringing the bell, no announcement on official website, few media reports, and employees do not send friends.On July 2nd, the China Cyber Security Review Office issued an announcement stating that in order to prevent national data security risks, safeguard national security and protect public interests, the \"Didi Chuxing\" will be reviewed in accordance with the National Security Law and the Cyber Security Law. During the review, \"Didi Chuxing\" stopped registering new users. Didi only appeared on Weibo's hot searches and media headlines when it went public.On July 9th, all 25 apps owned by Didi Company were removed from the shelves.Ray Dalio, founder of Bridgewater Fund, the world's largest hedge fund, once published a 20,000-word article \"Changing World Order\" on his LinkedIn homepage. He pointed out that the \"Populism Index\", which measures global conflicts, has now reached an all-time high.\"We are heading into the abyss of polarization and populism.\" Dalio warned,The polarization between the rich and the poor, political polarization and extreme nationalism we are facing today are very similar to those during World War II.<img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\">▲ The polarization between the rich and the poor leads to extreme nationalism at this stage is similar to that of World War IIData source: Bridgewater FundOn March 25, 2021, the U.S. Securities and Exchange Commission (SEC) issued an announcement to adopt the final amendment to the Holding Foreign Companies Accountable Act (HFCAA). The bill stipulates,Foreign issuers who fail to meet the U.S. Public Company Accounting Oversight Board (PCAOB) inspection requirements for accounting firms for three consecutive years will be delisted and delisted.Chinese Foreign Ministry spokesperson Hua Chunying responded at the press conference: \"HFCAA is completely unreasonable political suppression of Chinese listed companies in the United States, seriously distorting the basic principles of market economy that the United States has always advertised, and depriving American investors and the American public of the opportunity to share the development dividends of Chinese enterprises.\"According to official data from the US PCAOB, as of April 2020,Among the foreign listed companies that do not accept PCAOB's audit papers, companies in mainland China and Hong Kong account for nearly 90%.With Didi's silent listing, it successfully threw itself into the eye of the typhoon in the Sino-US stock market game storm.On July 7th, WeChat official account, a subsidiary of People's Daily, published two reports commenting on the Didi incident: \"Didi is far from the level of employment to make the government work. If Didi dies later, the driver will change the platform to take orders, and we will change the platform to take a taxi, and our life will not be affected in any way.\"On July 8, US Democratic Senator Chris Van Hollen called on the US Securities and Exchange Commission to thoroughly investigate Didi's listing.The internet is in an eventful time. Some things look together and become intriguing.Before the Didi incident, Huang Zheng stepped down as CEO of Pinduoduo in March this year; In May, Zhang Yiming stepped down as CEO of ByteDance.Previously, many people regarded this as the result of Internet antitrust. But they missed a key clue:Didi and Pinduoduo are both listed in the United States. As for ByteDance, Trump's ban on Tiktok says it all.Tencent and Meituan, Pony Ma Huateng and Wang Xing, which are listed in Hong Kong, are still in the position of CEO.Recently, all the Internet shocks around us are sending us a signal:In the Sino-US stock market game, in the past, the situation that the United States actively attacked and China passively defended will become history. The determination and actions of China's supervision have begun to emerge.Some Internet companies are still stuck in the habitual thinking of the first 20 years; Some Internet companies have sailed to new ports.They are destined to usher in very different fates.<img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\">\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A\">吴杨野餐会</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{"160636":"互联网","161025":"移动互联"},"source_url":"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111811630","content_text":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队”干部改革。司法部挑选年轻干部到基层锻炼，刘钢被列入其中。他主动放弃了基层机关的岗位，选择做一名基层律师。\n锻炼期满，同事们纷纷回到司法部继续职业生涯，但刘钢没有回去。他选择留在律师行业。\n当时，中国律师行业刚刚兴起，一切尚在蒙昧期。刘钢的主要业务是讨债。\n从此，他过上了“讨债民工”的生活：两天两夜挤火车硬座，睡一块钱一晚的大通铺，狂奔追赶欠款人，躲避债务人的打手与围殴……\n转折点出现在1989年。司法部和英国律师协会联合启动一个律师培训项目。刘钢申请并通过考试后，被选派往英国伦敦的一家律师事务所接受实习培训。\n他想做当时在中国大热的知识产权。但英国律所的一位高级合伙人建议他：“我建议你了解一下资本市场。”刘钢问：“什么是资本市场？”\n“中国那么大的国家，早晚会有资本市场。”那位英国律所合伙人说。\n1990年，中国迎来属于自己的资本市场，上海交易所和深圳交易所先后开业。\n\n▲1990年代，股民在上海交易所门口排队\n（摄影 | 中新社 潘索菲）\n两年后，中国放开私人合伙制律师事务所限制。刘钢和两个朋友在建国门外租下一间办公室，创办起自己的律师事务所：通商律师事务所。\n2000年，刘钢得到职业生涯的一次关键机会。当时新浪正在冲击纳斯达克上市。如果成功，它将成为第一家在美国上市的中国互联网公司。\n新浪的上市主体注册在开曼群岛。但中国法律对外资进入互联网领域存在限制：禁止外资投资中国互联网，也禁止外国公司在中国开展互联网业务。\n为了绕过这些投资限制，刘钢帮助新浪设计了一套复杂的控制架构。他将外国投资者和中国公司通过一系列复杂的法律合同相连接，使海外上市实体在没有直接股权关系下，通过协议控制国内的运营实体。\n刘钢用一纸VIE架构，拉开中国互联网公司海外上市的大幕。\n2000年4月，新浪成功登陆美国纳斯达克。同年6月、7月，网易和搜狐相继完成纳斯达克上市。中国三大门户网站海外上市，刘钢均参与其中。这在律师行业非常罕见。\n此后20余年，几乎所有中国互联网公司海外上市，均采取“新浪模式”的VIE架构。截至2021年5月，中国共有248家公司在美国上市，总市值高达2.1万亿美元。其中互联网相关的信息技术公司数量最多，比例达四分之一以上。\n然而，VIE架构也成为今后20年中美两国股市博弈的支点。\n在刘钢的表述里，VIE架构“使境外投资公司在没有直接股权关系的情况下，控制国内公司的运营”。\n但在美国国会的表述中，VIE 架构则“保证了经济利益流向外国投资者，同时对业务的经营控制留在中国公司”。\n这种特殊架构，成为中概股的典型特征，也为中国互联网公司20年海外上市路埋下争议与危机的伏笔。\n08年全球金融危机后的十年海外上市史，是帮助我们理解中国互联网公司目前处境的关键。我将其分为四个阶段，分别为：\n\n01\n围猎中国公司\n第一轮海外上市与做空潮（2010—2013）\n2011年11月1日，周鸿祎半夜赶回公司，把网址站、浏览器、投资者关系、财务、法务、公关等相应一堆主管都叫了过来。\n当晚9点，做空机构香橼研究（Citron Research）赶在美国股市开市前，发出了针对奇虎360公司的第一份做空报告。1个小时后，报告送到周鸿祎手中。“Citron做空360时，我们觉得很惊讶。”他表示。\n当天，奇虎360的股票跌去约10%。\n7个月前，奇虎360登陆美国纽交所上市。和它一同登陆美国股市的，还有一大批中国公司。\n08年金融危机后，美国经济2009年起快速复苏，国际资本市场活跃。同一时期，中国互联网公司正在飞速扩张期，迫切需要资金。\n大批互联网公司奔赴美国寻求上市。从2010年到2012年，高德地图、奇虎360、优酷、土豆等互联网公司先后成功在美国上市，开启海外的中概股热潮。\n\n▲1970-2020年中国公司赴美上市数量变化\n数据来源：清科研究中心\n2010 年共计约 50 家中概股登陆美股市场，中国公司海外上市的数量突破峰值，也吸引了“市场秃鹫”做空机构们的目光。\n浑水公司（Muddy Waters）射出第一颗子弹。2010 年，浑水创始人卡森·布洛克（Carson Block）抛出一份30页的东方纸业做空报告，东方纸业股价大跌，浑水一战成名。\n随后，以浑水、香橼为代表的美国做空机构，相继把枪口瞄准了分众传媒、奇虎360、新东方等中概股。其中互联网公司成为被围猎的中概股重灾区。\n此轮做空机构围猎下，超过 40 家中国企业不得不停牌、退市。中概股集体陷入信任危机。\nVIE是美国机构做空中国公司的一个关键靶子。“中国互联网行业存在VIE结构。美国人认为你没有法律规定，就永远觉得心里没底。”周鸿祎说。\n2012年7月17日，新东方因为VIE架构调整，遭受美国证券交易委员会（SEC）调查。浑水随即发布一份长达90多页的做空报告，指出新东方VIE结构存在巨大隐患，缺乏控制力。\n48小时内，新东方股价跌去60%，股价创5年新低。\n新东方事件同时引发国际市场担忧VIE架构，中概股普遍大跌。携程、新浪等跌幅超过7%，当当网、奇虎360、网易、搜狐等跌幅超过4%。\n中概股做空潮爆发后，美国监管方进一步强势出击。2012年12月，SEC 对德勤、安永、毕马威、普华永道，以及德豪五大会计师事务所中国分部发起行政诉讼。\nSEC要求他们提交9家在美上市的中概股审计底稿，但五大会计师事务所拒绝了这一要求，他们不愿触犯中国法律。\n这一举动导致在美上市的中国企业陷入没有审计方的境地，迫使中国公司摘牌退市。\n中概股退市潮越演越烈。在美上市的中国公司由2010的240余家，减少到2012年的不足200家。\n\n▲ 2010-2012年美国上市中概股遭遇做空潮\n数据来源：国盛证券\n冲突频发，中美两国将审计跨境执法纳入战略经济对话。2013 年，中国证监会和财政部与美国上市公司会计监管委员会（PCAOB） 签订执法合作协议，正式开展审计跨境执法合作。\n但数据主权和保密问题仍是中美难以协调的矛盾。后续种种风波，也因此而起。\n02\n盛宴下的暗影\n阿里上市与中概股审查风暴（2014—2017）\n2014年9月，马云步入联合国总部。他此行的目的之一，是通过恒隆集团董事长陈启宗引荐，与联合国秘书长潘基文见面。\n他们两个人站在电梯口，等潘基文上来时，陈启宗对马云说了这样一番话：\n“我知道阿里到美国上市是被逼的，香港没有同股不同权，你是没办法。但是马云你要小心，美国人的手是伸的很长很长的。总有一天他会给你麻烦。”\n一个星期前，阿里巴巴9月19日在美国纽交所成功挂牌上市。狂欢充斥着整个华尔街。\n当晚，纽交所黑色大屏幕上，代表阿里巴巴开盘价的数字不断滚动，持续攀升——70……80……90……\n“开盘价92.7！”一个声音大喊。\n马云抬起头，兴奋地看了一眼屏幕上的数字。他拿起锤子，快速敲击着一个金色铜钟。包围着他的人群随即欢呼起来，闪光灯此起彼伏。\n经过2个多小时、12轮询价，阿里巴巴股票在当晚23点53分最终开盘。开盘价92.7美元，比起发行价68美元大涨36.32%。融资总金额高达341.25亿美元，创下全球历史上IPO融资最高纪录。阿里巴巴总市值达到2285亿美元，超过100多个国家的GDP。\n\n▲ 2014年阿里巴巴美国上市现场的马云\n多家美国券商和国际资本分享了这次资本盛宴。花旗、瑞士信贷、德意志银行、高盛、摩根大通、摩根士丹利等均位列其中。\n阿里巴巴登陆纽交所时，软银持股34.4%，为第一大股东；雅虎持股比例22.6%，居第二位。仅按阿里巴巴上市开盘价来算，软银和雅虎的持股市值已分别高达786.04亿美元和516.41亿美元，这还不算他们此前从阿里套现的部分。\n2014年是中国互联网公司赴美上市的又一波高峰。除了阿里，京东、微博、途牛、智联招聘等也先后登陆美国纽交所和纳斯达克，全年共有12家互联网公司在美完成上市。\n然而，就在阿里巴巴上市当月，美国国会中国经济与安全审查委员会（UCESRC）发布了一份名为《中国互联网公司在美国证券交易所的风险》的调查报告。\n报告用17页篇幅指出针对中国互联网公司上市的各项风险，直指VIE架构不值得信任。UCESRC宣称：“许多美国法律专家认为，根据中国法律，VIE 结构在技术上是非法的，并建议美国投资者不要进行此类投资。”\n同年双十一当晚，马云在杭州阿里总部接受20分钟的媒体采访，谈到支付宝上市时直接表态：“由于各种原因，阿里巴巴没有办法在A股上市，所以我们希望未来支付宝能够在中国A股上市。”\n显然，马云听懂了陈启宗的话。而要进一步理解这个表态，我们还需要把时间线拉回到三年前的支付宝拆分事件上。\n2011 年第一季度，中国央行要求申请支付牌照的支付企业对外资的持股比例作出声明。5月，马云变更支付宝的所有权，终止了阿里巴巴集团对浙江阿里巴巴的控制协议。浙江阿里巴巴为支付宝的全资控股公司。这意味着，支付宝从外资控股变为了一家纯内资公司。\n\n▲ 支付宝分拆股权变更\n但马云此轮股权变更，此前并未跟董事会达成协议。木已成舟后，马云对雅虎和软银两位大股东给出了相应补偿。\n2011 年 7 月 29 日，阿里巴巴集团、雅虎和软银就支付宝股权转让事件正式签署协议。支付宝控股公司承诺上市时给以阿里巴巴集团一次性的现金回报。回报额为支付宝上市时 IPO 价总市值的 37.5%，不低于 20 亿美元且不超过 60 亿美元。\n马云为此背上“不守诚信”，“打击国外投资者对中概股VIE信心”的骂名。他罕见地主动接受国内媒体大篇幅独家专访，出面解释一切都是为了支付宝合规获取支付牌照。\n“我说，兄弟，你如果搞个小合资企业，没关系。你搞的是支付宝，是金融，越来越触及到敏感地带。金融是数据，一定会出问题的。杨致远不相信，但后来他们相信了。”马云在接受《时尚先生》专访时说。\n但当时，大多数人认为马云是拿政府做挡箭牌，对此抱以讥笑嘲讽居多。马云愤而退出微博。\n退出前，马云发出了最后一条微博。没有文字，只有标点：问号，叹号，以及一串省略号。\n支付宝分拆三年后，2014年蚂蚁金服成立，从支付领域进军普惠金融。\n六年后，就在蚂蚁金服上市前夕，马云2020年10月底在外滩金融峰会做出了那篇著名的演讲。11月3号，上交所和港交所先后发出紧急通知，暂缓蚂蚁金服科创板和H股上市。\n这时，大家才恍然大悟。九年前，马云没有高估中国政府的决心。\n03\n洪流入海\nA股、H股新经济改革（2018-2019）\n2018年两会期间，时任中国证监会主席刘士余谈到中国新经济公司海外上市时称，限于当时的特定制度环境和市场容量，一些主体在中国的新经济企业选择到境外上市，这是好事。但国内没有享受到它们增长的成果，也是一个遗憾。\n“进入新时代，这个遗憾就不能再发生了。”刘士余说。\n“站在风口上，猪都会飞。”说出这句话的雷军，再一次把小米推上时代风口。他要让小米成为第一个内地A股和香港H股同步上市的互联网公司。\n2018年5月3日，雷军手握两款小米手机，亲自飞往香港拜访香港首富李嘉诚。就在同一天，小米向港交所递交上市招股书。李嘉诚爱将霍建宁向媒体证实，李嘉诚斥资2.3亿港元认购小米股票。除了李嘉诚，国内两大互联网巨头马云、马化腾也一同认购小米股票。\n\n▲ 雷军会见李嘉诚\n在内地，小米更是创下12天“闪电”上会记录。同年6月7日，小米向中国证监会申请发行CDR（存托凭证）上市，同天被受理。14日，小米更新招股说明书，当晚收到证监会下发的反馈意见，定于19日上会审核。\n彼时，中国证监会和港交所正在争相推进新经济上市改革。\n2017年12月，港交所发布《有关建议设立创新板的框架咨询文件》的市场《咨询总结》，宣布接纳采用不同投票权架构的新经济公司赴港上市。\n3个月后，国务院办公厅转发证监会《关于开展创新企业境内发行股票或存托凭证试点的若干意见》，允许在境外上市的新经济企业在内地A股市场发行CDR（存托凭证），推动包括互联网在内的新经济企业回归A股上市。\n然而，小米突然被叫停在内地CDR上市。2018年6月14日，证监会针对小米发出84问。五天后，小米宣布，推迟召开发审委会议审核公司的CDR发行申请。先在香港上市之后，再择机通过发行CDR的方式在境内上市。\n香港上市也一波三折。当年7月9日，小米公司在港交所完成上市。上市当天，小米股票被纳入恒指综合成分股，按照正常情况将进入港股通，允许中国内地投资者直接购买小米股票。\n不料沪深交易所在7月14日突然发出通知，以“内地投资者不熟识”为由，暂拒同股不同权公司、外国公司股票及合订证券纳入港股通范围。小米公司被拒之门外。\n两天后，港交所CEO李小加紧急从香港飞往北京，与中国证监会相关负责人碰面谈判。“一直几个星期、几个月来我们都在跟内地证监会沟通，最好这次都包进去，按正常沪港通、深港通程序往前走。但是内地交易所可能有些不同意见。”李小加说。\n这次争端，关系着中国互联网公司上市的未来走向。通往新时代的大门能否打开？\n中国互联网公司长期只有赴美上市一个选择，皆因内地A股和香港H股过去不接受同股不同权架构。即使港交所锐意改革，流动性差仍将成为互联网公司赴港上市的关键掣肘。\n只有港股通接纳新经济公司，来自中国内地的巨量资金得以南下，东方世界的大门才能真正面向互联网公司开启。\n风波是暂时的，方向是确定的。\n2018年，港交所重新摘下全球交易所IPO排行榜第一名桂冠，全年IPO募资额高达2778.5亿港元，创下2010年以来新高。\n全年共有28家新经济公司及生物科技公司赴港上市。其中小米和美团以426.1亿港元和331.4亿港元，分列香港上市募资额年度第二、第三大公司。\n2019年10月，上交所与深交所发布公告，小米和美团纳入港股通。\n乘此势头，包括阿里、网易、京东等在内的中国互联网公司纷纷从海外回归，争相赴港二次上市。到2021年，香港市场已经集齐腾讯、阿里、美团、快手、京东、小米、百度、网易八大互联网巨头。\n\n数据来源：香港交易所\n同一阶段，中国互联网公司赴美上市迎来第三次高峰。2018年和2019 年分别有38 家和32 家中国公司赴美国上市，其中大多以互联网新经济企业为主，包括爱奇艺、斗鱼、网易有道等等。\n2019年10月，中美双方就香港会计师事务所审计的、存放在中国内地的在美上市公司审计工作底稿调取事宜达成共识。中国证监会答记者问时表示，双方“保持着畅通的合作关系”。\n一切都显得欣欣向荣。\n人们没有料到，就在一年之后，新的危机如火山熔岩般，积蓄已久，喷涌而出。\n04\n新危机时代\n滴滴、字节、拼多多们的困境与未来（2020-今天）\n7月1日，建党100周年大庆。当天凌晨，滴滴赴美上市，融资44亿美元。\n这场自2014年来中国公司在美国最大的IPO，没有敲钟照片，官网没有公告，媒体少有报道，员工不发朋友圈。\n7月2号，中国网络安全审查办公室发布公告称，为防范国家数据安全风险，维护国家安全，保障公共利益，依据《国家安全法》《网络安全法》对“滴滴出行”实施网络安全审查。审查期间“滴滴出行”停止新用户注册。滴滴上市，才出现在微博热搜和媒体头条上。\n7月9日，滴滴公司旗下25款app全体下架。\n全球最大的对冲基金桥水基金创始人瑞·达利欧（Ray Dalio）曾在其领英主页上发布2万字长文《改变中的世界秩序》。他指出，衡量全球冲突的“民粹主义指数”（Populism Index）如今已经达到历史高点。\n“我们正在走向两极分化和民粹主义的深渊。”达利欧警告，今天我们面对的贫富分化、政治两极化和极端民族主义，和二战时期极为相似。\n\n▲ 贫富分化导致极端民族主义，现阶段与二战时期类似\n数据来源：桥水基金\n2021年3月25日，美国证券交易委员会（SEC）发布公告，通过《外国公司问责法案》（HFCAA）最终修正案。法案规定，外国发行人连续三年不能满足美国公众公司会计监督委员会（PCAOB）对会计师事务所检查要求的，将被摘牌退市。\n中国外交部发言人华春莹在记者会上回应称：“HFCAA完全是对中国在美上市企业的无理政治打压，严重扭曲美国自己一向标榜的市场经济基本准则，也剥夺了美国投资者和美国公众分享中国企业发展红利的机会。”\n美国PCAOB官方数据显示，截止到2020年4月，不接受PCAOB检查审计底稿的外国上市企业中，中国内地和香港的企业占近90%。\n滴滴用静默上市，成功把自己扔进了中美股市博弈风暴中的台风眼。\n7月7日，人民日报旗下“踏浪青年”公众号，连发两篇报道评论滴滴事件：“滴滴远没有到挟就业以令政府的程度。如果之后滴滴死了，司机换一个平台接单，我们换一个平台打车，生活不会受到任何影响。”\n7月8日，美国民主党参议员Chris Van Hollen呼吁美国证交会彻底调查滴滴上市事件。\n互联网正值多事之秋。一些事情连起来看，变得耐人寻味。\n滴滴事件之前，今年3月，黄峥卸任拼多多CEO；5月，张一鸣卸任字节跳动CEO。\n此前不少人将这看做互联网反垄断的结果。但他们忽略了一条关键线索：\n滴滴、拼多多均在美国上市。至于字节跳动，特朗普对Tiktok的禁令就已经说明了一切。\n而在香港上市的腾讯与美团，马化腾和王兴至今安坐CEO之位。\n最近所有在我们身边接连发生的互联网震动，都在向我们传递出一个信号：\n中美股市博弈中，过去美国积极进攻，中国被动防守的局面将成为历史。中国监管的决心和行动，已经初露端倪。\n有的互联网公司，还停留在前20年的惯性思维里；有的互联网公司已经驶向新港口。\n他们注定迎来截然不同的命运。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9}},"isVote":1,"tweetType":1,"viewCount":1477,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}